In the above figure, the average product of labor at point c is

When perfectly competitive firms are earning zero accounting profits, a. we would expect entry into the industry

b. we would expect stability in the industry, since it is in long run equilibrium. c. we would expect exit from the industry. d. we would expect none of the above.

Marginal revenue product is

A) marginal physical product times marginal factor cost. B) marginal physical product times marginal revenue. C) average physical product times marginal revenue. D) marginal physical product times the wage rate.